To resolve a complaint alleging that it charged clients several insufficient funds penalties per transaction, TD Bank is willing to provide an amount greater than $15.9 million in Canadian dollars.
TD Bank Class Action Settlement
Customers of TD Bank might be eligible for a portion of the $15.9 million settlement as a result of the current class action suit. The legal company Koskie Minsky LLP declared in December that a class action lawsuit concerning recurrent non-sufficient funds (NSF) fees had achieved an intended settlement.
Customers were allegedly being charged several NSF fines without being properly informed that this was a possibility, according to the lawsuit. Although TD Bank agreed to a settlement following the August mediation, it has denied any culpability.
|Class Action Concern
|Duplicative NSF Fees by TD Bank
|Settlement Approval Hearing
|February 13, 2024
|Settlement Approval Decision
|Pending court approval
|TD Bank’s Position
|Denies liability, no admission of wrongdoing
|Class Certification Date
|December 7, 2022
|Amended Class Definition Date
|November 27, 2023
|Koskie Minsky LLP
|January 26, 2024
|January 26, 2024
|Contact for Further Information
|[email protected], Toll-free: 1-833-786-0010
A hearing to determine whether to approve the proposed $15.9 million settlement will take place on February 13, 2024. If accepted, TD will transfer any outstanding balances straight into the bank accounts of qualified class participants; if you qualify, all you have to do is take advantage of this opportunity to get your share of the pie.
Eligibility for TD Bank Class Action Settlement
If you want an amount from the TD Bank class action settlement then you must wait till 13 February 2024, because a hearing is going to be conducted on 13 February about the acceptance or rejection of the settlement.
Following are the eligible persons who will receive TD Bank class action settlement. You might be eligible for rewards from a class action settlement if you facilitated a TD Cash Secured Credit Card on or after May 20, 2015, but before January 18, 2022.
If you want to Refuse to Accept the Settlement?
You must withdraw from the class action or opt-out if you do not want to be bound by the settlement’s terms. You must do this by filling out the Opt-Out Form and sending it to Class Counsel by January 26, 2024, at the latest. Here is the complete step-by-step instructions to complete the opt-out form
- Navigate to the
- Hit the opt-out form option.
- Enter the required data such as full name, email address, telephone number, etc.
- Accepts all the terms and conditions.
- Press the submit button.
What is this lawsuit about?
The class action concerning non-sufficient funds fees, or NSF fees, is still pending. Koskie Minsky LLP and TD Bank are happy to offer a potential resolution. The charging of repeated NSF fees by TD on a single check issued or deposit made was the subject of the class action lawsuit.
In August 2023, following protracted talks with the aid of a mediator, a potential solution was agreed. The class action was first filed in 2021, and the Ontario Superior Court of Justice certified it on December 7.
It encompasses anyone in Canada who currently possesses or formerly held a private deposit account with TD Bank as of February 2, 2019, and whose account has been assessed an NSF fee during that period.
When will I receive a settlement payment?
After getting approval of TD Bank class action settlement a claim form will be open for all eligible candidates in order to claim the amount of settlement. The claim form is expected to be open for 2 to 3 months for eligible clients. After that, clients will be able to make a claim and get your payments.
Members of the Settlement Class will be entitled to the cash awards among the Settlement without having to take any action. If you did not opt out of the Settlement, a check was instantly mailed to the address you have on file with TD Bank.
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